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New Signals Support Bitcoin's Rise to Higher Levels of $40,000

Today's Cryptocurrency analysis on behalf of Rania Gule Market Analyst at


October 23, 2023 ( Newswire) The cryptocurrency Bitcoin (BTC) continues to achieve modest gains, benefiting from the bullish signals of traditional interest-sensitive assets like gold. Bitcoin prices rose to $30,797 during the early hours of Monday, reaching the highest level since July 15. Prices have increased by 14% during the current month, while gold recorded more modest gains of 6.7% during the same period. It's worth noting that gold's price rose a week before Bitcoin's surge, influenced by various factors, including the outbreak of conflict in Palestine, along with ongoing expectations of the Federal Reserve's monetary tightening coming to an end, reinforcing expectations of future inflation.

I believe that interest rates are the primary driver of the overall economy at the moment. It is good to see interest-sensitive assets like gold gaining upward momentum, as this suggests a strong recovery for Bitcoin's price, which leads to price movements in the digital market as a whole. Additionally, the Federal Reserve is currently hinting at a temporary pause in interest rate hikes, while the U.S. economy continues to demonstrate its strength. This, of course, supports the upward trends in both gold and Bitcoin, considering the market's optimism about the approval of Bitcoin exchange-traded funds (ETFs).

Based on this, I see Bitcoin and major digital currencies as attractive assets for investors right now, given their ease of exchange and fast transfer, along with their importance as a hedge against inflation and value preservation. It seems to me that this supports a strong bullish development in Bitcoin prices. The markets are moving positively as investors seek the security provided by the Bitcoin network in times of economic and geopolitical uncertainty, especially with optimistic market expectations regarding the approval of the Bitcoin spot exchange-traded fund (ETF).

This comes with a significant increase in Bitcoin's dominance in the market after a two-year downtrend and the dominance of cryptocurrencies in the past year. Bitcoin has shown great flexibility with a 71% price increase since the beginning of 2023. Amid an uptrend that rose from 38% at the start of the year to 48.85% on October 21, 2023.

One of the significant events contributing to the rise in Bitcoin was the false report about the approval of BlackRock's spot ETF, which caused an 8% price increase and resulted in the largest weekly gain of 49% since 2021. The price jumped from $27,883 to $30,000 in less than half an hour after the news.

So, I expect the potential approval of Bitcoin spot exchange-traded funds by the U.S. Securities and Exchange Commission (SEC) to revolutionize the digital currency and Bitcoin market. This could bridge the gap between the traditional financial system and the digital world, enabling real-time price analysis. In my view, this upward trend could continue to levels higher than $40,000 by 2024.

Technical Analysis of the (BTC) Prices:

From a technical standpoint, Bitcoin is currently facing a hurdle in its ascent near the $30,000 level. However, the positive signal here is the consolidation near the current level, which supports gathering momentum as a foundation for further upward movement. This could potentially push the price toward the next resistance zone between $31,000 and $32,400. But if the price drops from the $31,000 level, it may experience a downward correction that could reach the 20-day simple moving average at $28,160 before resuming its ascent. If the price bounces back from this level, it will attempt to test and break through the mentioned resistance with strength.

In the event of a downturn in market sentiment and a breach below the 20-day simple moving average, it could keep the pair in a sideways trend between $31,000 and $24,800 for some time, possibly until the end of 2023.

(BTC) Prices Chart - MT4 Platform from

The price of Bitcoin is moving in an upward direction, as shown on the four-hour chart above. Typically, during an uptrend, traders tend to buy the dips to the 20-day simple moving average. If this occurs, it will confirm that the sentiment remains bullish, and the price may continue its ascent towards the $32,400 level. However, if the price drops below the 20-day simple moving average at $28,160, it would indicate further decline towards the key support level at $28,143 before a strong rally upward.

More Info: Newswire

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